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The number of home loans acquired fraudulently in the UK has doubled over the last year, new figures suggest.
Produced by the Land Registry and cited by Channel 4, the statistics indicate that a total of nearly £4 million was paid in compensation to lenders and defrauded homeowners in 2007-08, compared with just over £2 million during the previous 12 months.
ID theft is identified as a major factor contributing to the increase.
Commenting on the trend, Paul Doxey, managing director of disputes and investigations at Navigant Consulting, told Channel 4 News: "It`s now a lot easier for criminals to obtain false IDs through the black market, which they can use as a cover for these frauds".
Meanwhile, Treasury minister Yvette Cooper recently spoke out to urge lenders to provide mortgage holders facing repossession of their properties as a result of personal finance problems with more support.
She stated: "We need to do everything we can to keep people in their own homes."
